The Prime Minister’s Office is currently working on a new bill on real estate, aimed at restricting foreigners from freely buying up residential houses and land in the Faroe Islands.
According to Prime Minister Bárður á Steig Nielsen, the Government is looking to make sure foreigners are only allowed to purchase up to a certain extent of real estate in the Faroe Islands, however at the same time seeking to avoid “unnecessary obstacles to foreign business”.
During a Parliamentary session, the Prime Minister said: “To me, the purpose of establishing regulations in this area would be to make sure that those who own real estate in the Faroe Islands also have a physical connection to the Faroe Islands. Also it’s important to prevent foreigners from acquiring too much real estate in certain geographical regions of the country. On the other hand, we should neither create unnecessary obstacles to foreign business activities in the Faroe Islands.”
According to the Prime Minister’s Office, the bill on real estate has been in the works since February this year, with some issues left to sort between various government authorities before it will be tabled in Parliament.